China did what the U.S. asked, remaking its economy in the Western mold. That made it a more attractive place to do business.

Chinese exports to the U.S. exploded after it joined the World Trade Organization in 2001. It’s still a mystery why. In negotiations with the U.S. over WTO membership, China made nearly all the concessions. It agreed to cut tariffs, reduce subsidies, lessen the role of state-owned firms and eliminate barriers investment—in other words, to become […]